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Banking Gains Lift TSX

First Republic, PacWest Merit Attention

Canada's main stock index rose on Monday, led by the gains in banks and energy stocks, as investors turned hopeful that the turmoil in the global financial sector could be contained after a deal by U.S. lender First Citizens BancShares.

The TSX gained 62.9 points to commence trading Monday at 19,564.39.

The Canadian dollar added 0.19 cents to 73.01 cents U.S.

Among company news, Australia's Origin Energy Ltd agreed to an A$15.35 billion ($10.21 billion) takeover offer by a consortium led by Brookfield Asset Management at an implied offer price of A$8.912 per share.

Brookfield is in exclusive talks to acquire a majority stake in Data4, in a deal that could value the data center operator at close to 3.5 billion euros ($3.8 billion U.S.) including debt. Brookfield Asset Management shares closed Friday qt $42.60, and seemed to have stayed there early Monday.


The TSX Venture Exchanged ditched 2.83 points Monday to 609.05

Eight of the 12 TSX subgroups were higher, with consumer staples, information technology and real estate each picking up ahead 0.8%.

The four laggards were weighed mostly by gold, sliding 1.7%, materials, weakening 1%, and communications, down 1.2%.


Stocks rose Monday, building on last week’s gains, as investors attempted to move on from the crisis that broke out in the regional bank sector earlier this month following the collapse of Silicon Valley Bank.

The Dow Jones Industrials surged 192.96 points to 32,430.49.

The S&P 500 took on 16.63 points to 3,987.62. Despite the recent turmoil, the S&P 500 is on track to finish March flat and the first quarter ending on Friday with a 3% increase.

The NASDAQ Composite jumped 29.29 points to 11,853.25.

Regional banks rose broadly, with First Republic the best-performing stock in the fund, surging more than 27%. PacWest also gained more than 6%.

A series of events helped sentiment in the sector. Media reports over the weekend indicated that the deposit outflows from small banks to industry giants like JPMorgan Chase and Wells Fargo has slowed in recent days.

And First Citizens BancShares agreed to buy large parts of Silicon Valley Bank, the U.S. Federal Deposit Insurance Corporation said overnight.

The deal includes the purchase of approximately $72 billion of SVB assets at a discount of $16.5 billion, but around $90 billion in securities and other assets will remain “in receivership for disposition by the FDIC.”

Deutsche Bank also rebounded by 4% after traders last week targeted the German lender after the forced-takeover of Credit Suisse.

Prices for the 10-year Treasury slumbered, raisng yields to 3.49% from Friday’s 3.37%. Treasury prices and yields move in opposite directions.

Oil prices regained $1.53 to $70.79 U.S. a barrel.

Gold prices dulled $32.80 to $1,951.00 U.S. an ounce.